Question

An amount of $1,000 is deposited into a bank account that pays 4% interest each year. If there are no other withdrawals or deposits, what will be the balance of the account after 5 years?

Type your answer rounded to the nearest penny. Example $12.52

Answer 1

Answer: i believe it’s 1200

Explanation:

1000*0.04=40

40*5=200

1000+200=1200